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please with steps and calculations Question 4:[6Marks] Presented below the equity section of Oaks Corporation at December 31,2016 : During 2017, the following transactions occurred
please with steps and calculations
Question 4:[6Marks] Presented below the equity section of Oaks Corporation at December 31,2016 : During 2017, the following transactions occurred relating to equity: 1. February 2017 , issued 5,000 ordinary shares in exchange for a land with fair value of $100,000, at that date, Oaks's shares were trading at the market with $18.5 2. March 2017 , reacquired 3,000 shares at $10 per share. 3. April 2017 reacquired 4,000 shares at $15 per share. 4. May 2017 sold 3,500 shares of treasury shares were for $14 per share. 19. 4 Wish you the best of luck Show Your Calculation with handwriting 5. net income For the year ended December 31,2017 , was $450,000. 6.On December 31,2017 Oaks owned 50,000 shares of Fegan Corporation with a carrying value of $5 per share. on March 15,2018 Oaks declared property dividends by distributing these shares to its shareholders as a dividend. Oaks originally paid $8 for each share. The quoted market price for a Fegan share was $7 on the declaration date and $9 on the distribution date. 1.Prepare the appropriate Journal Entries. 2.Present The Equity Section as of March 31,2018. 3. Show CalculationsStep by Step Solution
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